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Key Updates
Money Laundering National Risk Assessment
The updated Money Laundering NRA provides crucial insights into Singapore's major money laundering threats, informed by global regulatory agencies, the Financial Intelligence Unit (FIU), and feedback from sector entities. This assessment aims to give a comprehensive overview of the evolving money laundering landscape.
Terrorism Financing National Risk Assessment
The updated Terrorism Financing NRA identifies the latest threats and vulnerable sectors within Singapore, reflecting changes since the last assessment in 2020.
Importance for Financial Institutions
Financial Institutions (FIs) must identify and assess money laundering and terrorism financing risks on an enterprise-wide basis. An approved Enterprise-Wide Risk Assessment enhances understanding of vulnerabilities and aids in the implementation of effective, risk-based AML/CFT controls.
Incorporating National Assessments
FIs should integrate the findings from these updated NRAs into their own risk assessments. This approach will help evaluate the effectiveness of their AML/CFT measures and ensure robust monitoring of customer transactions.
The updates to Singapore’s Money Laundering and Terrorism Financing NRAs reflect a proactive approach to mitigating financial crime risks. By equipping financial institutions with valuable insights, Singapore strengthens its commitment to a secure and resilient financial sector.
For more information, access the updated Terrorism Financing National Risk Assessment here and stay updated with MAS announcements here.
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